Gold Ends at 5-3/4-Year Low, Silver Marks 11-Week Low

9999 gold bullion
Gold and silver tagged new lows Wednesday

Gold declined modestly Wednesday after two straight days of 40-cent gains, but still marked a 5-3/4-year low. Silver closed at an 11-week low and extended its losing streak to eight sessions.

Gold for December delivery dipped $3.60, or 0.3%, to settle at $1,084.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Feb. 10, 2010 when prices ended at $1,076.30 an ounce.

"Overall trading activity in the U.S. was quieter Wednesday as it was the Veterans Day holiday, when most of the U.S. government and most banks were closed," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Lower Nymex crude oil prices that were poised to close at a 2.5-month low close Wednesday were also a bearish ‘outside market’ working against the precious metals bulls."

Gold prices ranged from a low of $1,083.20 to a high of $1,093.50. They are 0.3% lower on the week.

Silver for December delivery dropped 9 cents, or 0.7%, to $14.26 an ounce, the lowest since Aug. 26 when the settlement was $14.04 an ounce. Silver prices ranged from $14.23 to $14.49. They are 2.9% lower than Friday.

In other precious metals futures on Wednesday:

  • January platinum declined $16.40, or 1.8%, to $883.10 an ounce, trading between $880.80 and $907.90.

  • Palladium for December delivery fell $20.80, or 3.5%, to settle at $577 an ounce, ranging from $574.70 to $603.

London Precious Metals Prices

Earlier fixed London gold and silver prices also declined. In comparing their prices from Tuesday PM to Wednesday PM:

  • Gold shed $1.20, or 0.1%, to $1,085.90 an ounce.
  • Silver fell 11 cents, or 0.8%, to $14.44 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales

U.S. bullion sales were muted Wednesday as the United States Mint was closed in honor of Veterans Day.

Below is a listing of U.S. Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week This Week Oct Sales Nov Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 4,500 8,500 26,000 13,000 559,000
$25 American Eagle 1/2 Oz Gold Coins 0 0 0 4,000 0 67,000
$10 American Eagle 1/4 Oz Gold Coins 0 2,000 4,000 4,000 6,000 152,000
$5 American Eagle 1/10 Oz Gold Coins 0 30,000 10,000 50,000 40,000 920,000
$50 American Buffalo 1 Oz Gold Coins 0 4,500 1,500 10,500 6,000 187,000
$1 American Eagle 1 Oz Silver Coins 0 1,079,500 1,016,500 3,788,000 2,096,000 41,938,500
2015 Homestead 5 Oz Silver Coins* Sold Out   35,000
2015 Kisatchie 5 Oz Silver Coins*   42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins*   45,000
2015 Bombay Hook 5 Oz Silver Coins*   45,000
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